Other Comprehensive Income (Loss)

12 Months Ended

Dec. 30, 2023

Changes in other comprehensive income (loss) by component for fiscal years 2023, 2022, and 2021 were as follows:


	Fiscal Year Ended
	December 30, 2023						December 31, 2022						January 1, 2022
(in thousands)	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Defined benefit pension plan and other adjustments	$	(5,911)	$	491	$	(5,420)	$	11,560	$	(1,825)	$	9,735	$	27,481	$	(5,268)	$	22,213
Cash flow hedge	(2,827)		679		(2,148)		8,679		(2,083)		6,596		—		—		—
Foreign currency translation adjustments (1)	48,227		(712)		47,515		(39,619)		987		(38,632)		(6,967)		2,448		(4,519)
Total change in other comprehensive income (loss)	$	39,489	$	458	$	39,947	$	(19,380)	$	(2,921)	$	(22,301)	$	20,514	$	(2,820)	$	17,694

(1) The tax shown above within the foreign currency translation adjustments is the U.S. tax associated with the foreign currency translation adjustments of earnings of non-U.S. subsidiaries which have been previously taxed in the U.S. and are not permanently reinvested.

Accumulated Other Comprehensive Loss (“AOCI”): The following table sets forth the changes in the components of AOCI by component for fiscal years 2023, 2022, and 2021:


(in thousands)	Pension and postretirement liability and reclassification adjustments		Cash flow hedge		Foreign currency translation adjustments		Accumulated other comprehensive income (loss)
Balance at December 26, 2020	$	(34,141)	$	—	$	(57,016)	$	(91,157)

2021 activity	22,213		—		(4,519)		17,694
Balance at January 1, 2022	(11,928)		—		(61,535)		(73,463)

2022 activity	9,735		6,596		(38,632)		(22,301)
Balance at December 31, 2022	(2,193)		6,596		(100,167)		(95,764)
2023 activity	(5,420)		(2,148)		47,515		39,947
Balance at December 30, 2023	(7,613)		4,448		(52,652)		(55,817)

The Company completed the buy-out of a U.K. pension plan during the fourth quarter of 2021 and as a result in the fourth quarter of 2021, the Company recorded a non-cash pension settlement charge of $19.9 million (£14.9 million), inclusive of the accelerated recognition of prior service cost of $0.5 million (£0.4 million). See Note 11, Benefits Plans for further discussion.

Amounts reclassified from accumulated other comprehensive loss to earnings for fiscal years 2023, 2022, and 2021 were as follows:


	Fiscal Year Ended
(in thousands)	December 30, 2023		December 31, 2022		January 1, 2022
Pension and postemployment and other plans:
Amortization of prior service, net actuarial (gain) loss, and other	$	(43)	$	785	$	2,006
Net settlement loss and accelerated prior service costs	247		477		19,855
Total	$	204	$	1,262	$	21,861

The Company recognizes the amortization of prior service costs and net settlement loss in other (income) expense, net within the Consolidated Statements of Net Income.